H.R.4337 - Regulated Investment Company Modernization Act of 2010

To amend the Internal Revenue Code of 1986 to modify certain rules applicable to regulated investment companies, and for other purposes. view all titles (6)

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  • Short: Regulated Investment Company Modernization Act of 2010 as enacted.
  • Short: Regulated Investment Company Modernization Act of 2010 as passed senate.
  • Official: To amend the Internal Revenue Code of 1986 to modify certain rules applicable to regulated investment companies, and for other purposes. as introduced.
  • Short: Fiscal Responsibility Act of 2009 as introduced.
  • Short: Regulated Investment Company Modernization Act of 2009 as introduced.
  • Short: Regulated Investment Company Modernization Act of 2010 as passed house.

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Introduced
 
House
Passed
 
Senate
Passed
 
President
Signed
 

 
12/15/09
 
09/28/10
 
12/07/10
 
12/21/10
 

Official Bill Text Comment on about 44 Pages

Official Summary

12/8/2010--Passed Senate amended. Regulated Investment Company Modernization Act of 2010 - Amends the Internal Revenue Code to revise the tax treatment of regulated investment companies (RICs). Title I: Capital Loss Carryovers of Regulated Investment Companies - (Sec. 101) Sets forth a spe
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Official Summary

12/8/2010--Passed Senate amended. Regulated Investment Company Modernization Act of 2010 - Amends the Internal Revenue Code to revise the tax treatment of regulated investment companies (RICs). Title I: Capital Loss Carryovers of Regulated Investment Companies -

(Sec. 101)

Sets forth a special rule allowing unlimited carryovers of the net capital losses of RICs. Title II: Modification of Gross Income and Asset Tests of Regulated Investment Companies -

(Sec. 201)

Exempts RICs from loss of tax-preferred status and additional tax for failure to satisfy the gross income and assets tests if such failure is due to reasonable cause and not due to willful neglect and is de minimis. Title III: Modification of Rules Related to Dividends and Other Distributions -

(Sec. 301)

- Revises the definitions of "capital gain dividend" and "exempt-interest dividend" for purposes of the taxation of RICs and their shareholders to require such dividends to be reported to shareholders in written statements. Sets forth a special rule for the allocation of the excess reported amounts of such dividends.

(Sec. 302)

Excludes net capital losses of RICs from earnings and profits. Prohibits an RIC's earnings and profits from being reduced by any amount which is not allowable as a deduction in computing taxable income, except with respect to such a net capital loss.

(Sec. 303)

Allows an RIC, in the case of a qualified fund of funds, to pay exempt-interest dividends and allow its shareholders the foreign tax credit without regard to certain investment requirements in state and local bonds and foreign securities.

(Sec. 304)

Modifies rules for dividends paid by RICs after the close of a taxable year (spillover dividends).

(Sec. 305)

Revises the method for allocating RIC earnings and profits to require such earnings and profits to be allocated first to distributions made prior to December 31 of a calendar year.

(Sec. 306)

Allows RICs with shares that are redeemable upon demand to treat distributions in redemption of stock as an exchange for income tax purposes.

(Sec. 307)

Repeals preferential dividend rules for RICs that are publicly offered.

(Sec. 308)

Allows an RIC to elect to treat a post-October capital loss and any late-year ordinary loss as arising on the first day of the following taxable year.

(Sec. 309)

Exempts from holding period requirements applicable to RIC stock regular dividends paid by an RIC which declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends on a monthly or more frequent basis. Title IV: Modifications Related to Excise Tax Applicable to Regulated Investment Companies -

(Sec. 401)

Extends the exemption from excise tax for failure to distribute taxable income of an RIC to other tax-exempt entities with an ownership interest in an RIC.

(Sec. 402)

Allows specified gain and loss of an RIC derived after October 31 of a calendar year to be deferred, for excise tax purposes, until January 1 of the following calendar year.

(Sec. 403)

Sets forth a special rule for estimated excise tax payments of RICs.

(Sec. 404)

Increases from 98% to 98.2% the amount of capital gain net income RICs are required to distribute. Title V: Other Provisions -

(Sec. 501)

Repeals the additional penalty on RICs for tax deficiencies for which a deficiency dividend has been distributed.

(Sec. 502)

Modifies the deferral rule for load charges in acquiring RIC stock where the taxpayer acquires the RIC stock before January 31 of the calendar year following the calendar year in which the original stock is sold.

...Read the Rest

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Recent News Coverage

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12/21/10
House and Senate Pass RIC Modernization Act of 2010; Bill Clears for ...

Congress has just passed HR 4337 ...

Source: Mondaq News Alerts (registration)
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12/21/10
Statement by the Press Secretary, 12/22/2010

HR 4337, which modifies rules related to the tax treatment of regulated investment companies, including rules related to capital loss carryovers, ...

Source: Whitehouse.gov (press release)
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12/19/10
CCH First to Offer Comprehensive Coverage of 2010 Tax Relief Legislation

... of 2010 / Text of HR 4853, as signed by the President / Text of HR 4337 as signed by the President / JCT Technical Explanation of HR 4853 and HR 4337. ...

Source: PR Newswire (press release)
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Information made available by Daily Life
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Recent Blog Coverage

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01/02/11
AdvisorFYI » Blog Archive » House Passes Bill Modernizing Mutual ...

The Registered investment Company Modernization Act of 2010 (RICM Act), H.R. 4337, was originally passed by the House on September 28, but the Senate amended the bill, forcing a second vote in the House. ...

Source: AdvisorFYI
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12/31/10
SubChapter M Tax: Bill Text - 111th Congress (2009-2010) - THOMAS ...

Bill Text - 111th Congress (2009-2010) - THOMAS (Library of Congress): "Regulated Investment Company Modernization Act of 2010 (Enrolled Bill [Final as Passed Both House and Senate] - ENR)[H.R.4337.ENR][PDF]" ...

Source: SubChapter M Tax
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12/28/10
Regulated Investment Company Modernization Act of 2010

HR 4337 the Regulated Investment Company Modernization Act of 2010 which was introduced by Rep Charles Rangel of New York on December 16 2009 and signed by the President on December 22 2010 This bill amends the IRC to revise the tax.

Source: store.legintent.com
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